Well, it's looking like bitcoin isn't quite the platform we imagined we could build to engage in the markets equitably....It's too slow, too expensive, and involves too much maintenance. It makes one wonder: what good is bitcoin? Maybe bitcoin cash will solve some of these problems so that we can start engaging the markets again. When a six dollar fee is required to make a five dollar transaction, then something's wrong! I don't care what the bitcoin Luddites say ---> BITCOIN IS BROKEN! We need something that works.
You are right dude and this is why we need the Lightning Network. I can't even imagine Bitcoin going past $10,000 without some major development (like LN) otherwise who in their right mind would pay 5%-10% fees on every transaction when credit cards are far lower? (2.9% and under)
It just doesn't make sense and hopefully there is a solution very shortly or Bitcoin is screwed!
5-10% sounds absurd, but as you mention, we don't need micro-transactions to be confirmed on-chain. If Bitcoin is really to be digital gold (thus achieving much higher values), we can expect that on-chain fees in fiat terms will appear absurd. What you're paying for are confirmations on the most secure payment network in the world. That can't be cheap judging by the expenditures miners make.
For redundant consumer payments, particularly with companies like Coinbase and Bitpay, the Lightning Network will hopefully make Bitcoin micro-transactions tenable.
The other day I wanted to purchase a 5 dollar e-book; the transaction fee was greater than the price of the merchandise I was trying to purchase! The book cost 5 bucks, the minimum fee (Xapo-dynamic fee) was six bucks, so the total transaction was 11 bucks! That's not going to work! Right now the standard transaction fee is ~5.44 USD (
). <--- That's not going to work and I don't care what color the smoke is they're blowing up my ass!